Wednesday, August 12, 2009

New Information on President Arroyo's Assets

MANILA, Philippines - President Arroyo is facing raps from the public sector clamoring for a probe on her Statements of Assets, Liabilities and Net Worth (SALN) amid speculations that there are irregularities in its preparation.

A report from the Philippine Center for Investigative Journalism (PCIJ) said that based on her SALNs, Mrs. Arroyo’s declared net worth more than doubled from P66.8 million in 2001 to P143.54 million in 2008, or bigger than the combined growth in declared wealth of her three immediate predecessors, including former President Joseph Estrada, who was convicted for plunder.

New information, however, tells a different story. "She's bankrupt," reveals a source close to the President, who agreed to be interviewed on conditions of anonymity. "In order not to lose face in the global arena, the President has been funding various government projects using her personal assets. It was all going well until a few months ago, when the peso fell depite [President] Gloria's efforts" the source said.

The President has depleted her personal assets so much, she wasn't even able to properly celebrate her 41st wedding anniversary with First Gentleman Mike Arroyo. The First Couple had to make do with a simple dinner with close friends at restaurant in New York.

Aside from funding various government projects, the President has also commissioned profit-seeking ventures to boost the economy, "at her personal expense," reiterated the source. When asked further about these profit-seeking ventures, the source revealed that the President has ventured into treasure-hunting. "It came to the President as a blow" the source reveals further, "after she failed to find treasure in the Sierra Madre property. She was so disappointed, she immediately sold the land. Finding the Yamashita treasure would have greatly boosted our economy, she [President Arroyo] told me."

As of press time, President Arroyo was out of town for comment, apparently on another treasure hunting expedition on Ilocos Norte.

@ Gentle: Why did you erase your first comment? It was such fun! hehe.

@ Lady in Green: You should really doubt it. This post, I mean. :-)

@ Lucas: Yup, the president has diplomatic immunity. In light of all these brouhaha, one would think that Congress would once again push through with impeachment proceedings, but nothing's happening. I'm guessing everyone is busy planning for 2010.

@ Andy: I agree, most of her actions are shady. And so is this blog post. hehe

@ Tsi: She's covered her bases well. Majority of congress are her allies, so any impeachment complaint filed against her would fizzle. She's also protected from criminal liability by her diplomatic immunity, so any case filed against her would have to wait until the end of her term.

Assassination isn't a good idea, because by then, we wouldn't be able to get anything back from her. Also, it would leave us with Kabayan as president, and I wouldn't like that.

@ Jepoy: Why do you hate her? Don't you like her cuteness? Don't you like that despite her diminutive frame, she can gobble up $20,000 worth of food in one dinner? Isn't she so adorable and cute?

If the BIR and the SEC requires that all financial statements reported by businesses are verified and audited by Certified Public Accountants, why are these assets of our so-called public servants not required to be audited?

We should take note that these people are reporting assets and incomes far greater that an average corporation's net worth, but their statements of assets, liabilities and net worth are not required to be audited.

@ Nobe: It makes me wonder, though, if this apple didn't fall far from the tree. Since it was before my time, all presidents prior to Martial Law is protected by a veil of innocence for me. Gloria, being the daughter of a past president, makes me question the validity of that veil.

They say that Diosdado Macapagal was the "poorest" president to end his term, meaning, he has the lowest amount of net worth. And look at her daughter now! He must be so proud.